WILLEMSTAD - The Curaçaoan Council of Ministers approved on September 19 the initiation of the ratification process for the Council of Europe Treaty on Money Laundering and Terrorism Financing. Signed in Warsaw on May 16, 2005, this treaty focuses on combating the laundering of criminal proceeds, detecting and seizing crime-derived assets, and addressing the financing of terrorism.
The decision by the Curaçaoan government follows that of the Netherlands, which signed the treaty on November 17, 2005, and ratified it on August 13, 2008. The treaty took effect in the Netherlands on December 1, 2008. With this step, the Curaçaoan government is establishing a robust legal framework against financial and economic crime on the island.
The Warsaw Treaty is a crucial international instrument that supports countries in their fight against money laundering and terrorism financing. It sets forth rules for detecting and seizing criminally obtained assets and facilitates international cooperation. The treaty also imposes requirements for information sharing between countries and stipulates that proceeds from crimes can be tracked and confiscated globally.
The Netherlands made several reservations upon ratification. For instance, it stated that Article 3, Paragraph 1, does not apply to proceeds from tax offenses. Additionally, Article 9, Paragraph 1, in the Netherlands applies only to offenses classified as crimes. Requests to the Netherlands in languages other than Dutch, English, or French must also be accompanied by a translation in one of those languages.
By agreeing to initiate the ratification process, Curaçao is taking a significant step in the fight against international financial crime.